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• Second Term, any additional part of the Property has been sold, this Agreement <br /> shall be automatically renewed for another twelve (12) month term. This <br /> Agreement shall be continually renewed for a term of twelve (12) months until all <br /> of the Property is sold, so long as at lease one lot is sold in each such term. If <br /> more than one lot is sold in any twelve month term, the excess sale(s) may be <br /> carried over to the next term(s)with no limitations (i.e. if two lots are sold within <br /> twelve months, this Agreement shall be automatically extended for two years). <br /> 6. Termination. This Agreement shall terminate automatically if no buyer has begun <br /> construction on the Property, including preparation of the soils by [date]. The parties may <br /> agree to extend the term of this Agreement by a writing evidencing such extension signed <br /> by both the EDA and the Owners. <br /> 7. Parties' Rights Upon Termination. Upon termination of this Agreement neither party shall <br /> be liable for damages hereunder to the other and each party shall be responsible for its <br /> own debts and obligations. <br /> 8. Additional Provisions. <br /> a. Brokers. <br /> i. Owners represent and warrant that no broker brought about this <br /> • Agreement. Owners agree that should any claim be made for commissions, <br /> finder's fees or similar charges as a result of the acts of Owners, Owners <br /> will indemnify, defend and hold the EDA free and harmless from any and <br /> all liabilities and expenses in connection therewith. <br /> ii. If a buyer of any buyer of the Property is represented by a broker, Owner <br /> shall pay a fee charged by buyer's broker up to a maximum of four percent <br /> (4%) of the purchase price. <br /> b. Assignment. Neither party may assign its rights under this Agreement without the <br /> prior written consent of the other. <br /> c. Governing Law. This Agreement and any other document related hereto shall be <br /> interpreted and enforced in accordance with the laws of the State of Minnesota. <br /> d. Partnership. Nothing herein shall be construed to create a partnership or joint <br /> venture between or among the Owners and the EDA, nor shall anything herein be <br /> construed to create a fiduciary relationship between the parties as to any activity <br /> described herein. <br /> PhillA 532765.2 5 <br />